A Company Collects a Customer's Account Within the Discount Period

question 75

Multiple Choice

A company collects a customer's account within the discount period.Indicate how this transaction would affect the following five financial statement items:
$\begin{array}{llllll}&&& \text { Stockholders' } \\&\text { Assets } &\text { Liabilities } &\underline{\text { Equity }}& \underline{\text { Revenues }} &\underline{\text { Expenses }}\\\text { a. } & \text { Decrease } & \text { No effect } & \text { Decrease } & \text { Decrease } & \text { No effect } \\\text { b. } & \text { Increase } & \text { No effect } & \text { Increase } & \text { Increase } & \text { Decrease } \\\text { c. } & \text { Increase } & \text { No effect } & \text { Increase } & \text { Increase } & \text { No effect } \\\text { d. } & \text { No effect } & \text { No effect } & \text { No effect } & \text { No effect } & \text { No effect }\end{array}$

• A)Option a
• B)Option b
• C)Option c
• D)Option d

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Definitions:

Ethical Imperialism

An attempt to impose one’s ethical standards on other cultures.

Attempt to Impose

An effort to enforce or apply rules, decisions, or views upon others, often without their consent.

Ethical Imperialism

The imposition of one's own ethical standards and principles on other cultures or societies, often disregarding local customs or values.

Attempt to Impose

The act of enforcing or applying a rule, decision, or opinion upon others without their agreement.